Arthur Hayes commented on the deteriorating position of Bitcoin

by in Cryptocurrency News


According to Arthur Hayes, co-founder of the BitMEX crypto exchange, Bitcoin is in danger of falling to $30,000 already in the current cycle.

An industry representative commented on the current position of the cryptocurrency and noted that along with BTC, the fall of most altcoins is inevitable. Ethereum, for example, is at risk of pulling back to $2,500 or even below that psychological mark.

Arthur Hayes stated his point of view in his blog. The BitMEX co-founder admitted that he has been periodically buying dips since last June. At the same time, the lion's share of his positions is focused on the long-term growth in the value of leading digital currencies.

Back in December last year, Arthur Hayes doubted that in the first quarter of 2022, Bitcoin and Ethereum were unlikely to skyrocket to $69,000 and $5,000.

Trending: El Salvador Bought the Dip Adding 500 Bitcoins

In an article published today, Hayes draws attention to the continued correlation between bitcoin and the S&P 500 and Nasdaq stock indices.

Accordingly, if these indicators of business activity decline this week, then BTC risks making new lows in the coming days.

The bitcoin exchange rate on April 8 in the morning fell to $42,340. Over the past seven days, the capitalization of the leading digital currency has decreased by almost 9% to $804.62 billion.